Smart Global Reports Q2 Results, Issues Q3 Guidance
Portfolio Pulse from Erica Kollmann
Smart Global Holdings, Inc. (NASDAQ:SGH) reported Q2 earnings of 27 cents per share, surpassing estimates by 8%. Sales were $284.8 million, slightly above estimates but down 33.64% year-over-year. Non-GAAP gross margin decreased to 31.5% from 33.3%. The company provided Q3 guidance with earnings of 30 cents per share and revenue of $300 million, both below analyst expectations. SGH shares dropped 11.57% in after-hours trading.
April 09, 2024 | 8:28 pm
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Smart Global Holdings reported better-than-expected Q2 earnings and sales but provided weaker Q3 guidance. Shares fell 11.57% after-hours.
The positive Q2 results were overshadowed by the weaker Q3 guidance and significant year-over-year sales drop, leading to a negative market reaction and a decrease in share price after-hours.
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